GM files for bankruptcy

General Motors CEO Fritz Henderson, center, departs US Bankruptcy Court after his company filed for bankruptcy protection, Monday, June 1, 2009 in New York. (AP Photo/Stephen Chernin)

GM auto worker Michael Moppin sits outside the union hall in Spring Hill, Tenn. on Sunday, May 31, 2009. GM announced Monday that the Spring Hill assembly plant will be idled and production of its vehicle, the Chevrolet Traverse, is moving to Lansing, Mich. The company, which filed for Chapter 11 bankruptcy protection, also announced it will shut nine plants permanently. (AP Photo/The Tennessean, John Partipilo)

General Motors CEO Fritz Henderson, front right, departs US Bankruptcy Court after his company filed for bankruptcy protection, Monday, June 1, 2009 in New York. (AP Photo/Stephen Chernin)

Car salesmen and customers gather to watch President Barack Obama comment on the General Motors bankruptcy filing in the Rudolph Chevrolet showroom in West El Paso, Texas on Monday, June 1, 2009. (AP Photo/The El Paso Times, Rudy Gutierrez)

Mary Crockett of Detroit cheers during a "Reinvest in America" rally Monday, June 1, 2009, at the Michigan Capitol in Lansing, Mich. (AP Photo/Al Goldis)

General Motors employee Bob Venuto, who has worked for the company for 25 years, says "people who buy foreign cars don't think it affects the country, the workers or their neighbors". General Motors Corporation will permanently close its Delaware sports car plant laying off about 450 people in Newport, Del., Monday, June 1, 2009. (AP Photo/Pat Crowe II)

United Auto Workers leave the Pontiac Assembly Center in Pontiac, Mich., Monday, June 1, 2009. General Motors filed for bankruptcy protection on Monday morning in a deal that will give taxpayers a 60 percent ownership stake and expand the government's reach into big business. The Pontiac plant is expected to close later this year. (AP Photo/Carlos Osorio)

Retired auto workers listen to President Obama speech at the union hall in Spring Hill, Tenn. on Monday, June 1, 2009. GM announced Monday that the Spring Hill assembly plant will be idled and production of its vehicle, the Chevrolet Traverse, is moving to Lansing, Mich. The company, which filed for Chapter 11 bankruptcy protection, also announced it will shut nine plants permanently. (AP Photo/The Tennessean, John Partipilo)

United auto workers watch President Obama's message at the union hall in Spring Hill, Tenn. on Monday, June 1, 2009. GM announced Monday that the Spring Hill assembly plant will be idled and production of its vehicle, the Chevrolet Traverse, is moving to Lansing, Mich. The company, which filed for Chapter 11 bankruptcy protection, also announced it will shut nine plants permanently. (AP Photo/The Tennessean, John Partipilo)

Jose' Villalobos, a General Motors worker at the Spring Hill, Tenn. plant takes a break after work Monday, June 1, 2009 at the Embers, a popular gatherering place for UAW workers. GM announced Monday that the Spring Hill assembly plant will be idled and production of its vehicle, the Chevrolet Traverse, is moving to Lansing, Mich. The company, which filed for Chapter 11 bankruptcy protection, also announced it will shut nine plants permanently. But it gave Spring Hill workers and United Auto Workers officials some hope because the plant is on standby, meaning it could still have a future building vehicles for the largest U.S. automaker. (AP Photo/The Tennessean, John Partipilo)